Looking ahead: What will 2022 mean for property prices?
This autumn, Hamptons were among the first to forecast an annual house price rise in Great Britain of up to 3.5% in 2022. Figures from major mortgage lenders support an upbeat trend that continues to confound expectations.
How we live and work is changing, which means house-price growth is predicted to be ongoing as the demand for greater residential space continues. Hamptons predicts an increase of around 3.5% in 2022, 3% in 2023 and 2.5% in 2024. This ‘race for space’ has seen many buyers seeking room to work from home and larger gardens since pre-pandemic times. To this picture, add a severe shortage of homes after record property sales in 2021. Over 200,000 sales were recorded by HMRC in June alone. Zoopla views Britain as being in the middle of ‘the greatest stock shortage’ since 2015.
As the end of the year approaches, home sales are likely to reach a 14-year high, with more residential property being purchased in 2021 than in any other year since 2007. Despite a slowing in the market in recent months following the removal of the stamp duty holiday, Hamptons also believes that 2021 will finish with a flourish. The agent forecast house prices in Great Britain being 4.5% higher on average compared with 2020. While the Office for National Statistics reported average house prices falling by £10,000 (looking at June and July 2021), that still represented an 8% price growth.
Growth predictions are supported by two major mortgage lenders. Halifax saw an increase in property prices in August by 0.7% and Nationwide by 2.1%. The latter is the second highest leap in 15 years.
Hares about Town: Raising £447,000 for Havens Hospices
We were delighted to be part of Hares about Town, a unique event for a special cause. When we heard that the art trail had raised £447,000 for local charity Havens Hospices, the Gateway team was leaping with joy.
At the end of September, Southend waved goodbye to 30 hares and 53 leverets. These giant sculptures – each one unique – had been generously created by artists and the community for locals and visitors alike to enjoy over 10 weeks in the summer. Gateway Group was proud to sponsor dapper-looking hare, ‘Mr Meadow’, while Quality Street got behind the super-sonic ‘Jet Hareplane’.
Dotted across the borough as a one-off family trail, in association with Wild in Art,
the sculptures came together for a final exhibition at Garon Park. During the weekend of 24–26 September, the public enjoyed a mini-festival, a fitting send-off before the hares were auctioned for Havens Hospices. All but one of the leverets raced back to the schools and community clubs that had created them. ‘Salvi’ the leveret was also sold.
On the auction night, bids for the hares started at £3,000. As the final hammer struck, the event had raised a staggering £225,931. What’s more, throughout the summer more than £221,000 had been collected in-kind donations as well.
Havens Hospices makes every day count, providing palliative nursing and supportive care to adults and children living with complex or incurable conditions.
Gateway at ExCeL, London: Pleased to be back at the Property Investor Show
This October, Gateway joined exhibitors at the UK’s leading event for property investors. It was great to meet with property people face-to-face after the long lockdown and introduce Quality Street – Your Estate Agent, Solicitor and Mortgage Advisor. All together.
The UK’s largest and longest-running exhibition of UK and international property is open to anyone looking to invest in property, from new market entrants to seasoned professionals with portfolios. Over two days (15–16 October), our team met and talked with home buyers, landlords, developers and investors, and networked with other residential property professionals.
The show was a welcome opportunity to showcase all that we do at Gateway. Under one roof, we offer a wide range of assistance on property matters, including property management, leasehold/freehold advice, lease extensions, legal advice and solicitors enquiries, surveying, project management, bespoke property insurance, energy brokerage, estate agency, lettings, conveyancing and financial services.
Entry is free to the show and its seminars, with the next event set for April 2022. We’d recommend attending if you’re interested in property investment. Given the predicted property price growth reported above for 2022 and beyond, this will be a good place to be.
Winter is coming: Our maintenance teams are on their way
Gardening. Fixing. Cleaning. Whatever the weather, our very own Gateway Facilities Management team will be hard at work throughout the winter months.
We make sure that the developments in our portfolio are well looked after continually. Having an in-house facilities team is just part of our proactive managing agent’s service. Nationwide, we put customers and clients first with a professional and friendly level of service that’s always reliable.
Our nationwide portfolio continues to grow. You can check out what’s new and see our expanding portfolio on our Instagram page.